"In contrast with a growing literature on the drivers of aggregate volatility in developing countries, its consequences … aggregate volatility has a regressive, asymmetric, and non linear impact, as reflected in the strong influence of extreme output …

, and can surge at times of currency speculation. Heightened interest rate and exchange rate volatility pose practical risk … risk containment, as well as for good macropolicies. On the other hand, the cost of equity capital has been reduced by … through the equity markets have not been the major contributor to increased international sources of volatility. In addition …